Loans for Really Bad Credit!

cjay89

I have tried searching but nothing comes up with exact help im after...

I am 20 - have been really silly with money, and now have come to a standstill with my monthly outgoings.

I have spoken to CCCS and they have set in place a budget, yet my creditors are not accepting my token payments and in total are wanting more sent than I am recieving income.

The best way around this is if I could get a loan - it would settle all my debts and make the monthly repayment a manageable amount.

I have a TERRIBLE credit history because I was silly when younger, and its getting worse because I cant afford...but what the loan companies dont seem to see/understand, is that I would actually be able to afford the repayments on the loan if they offered me, so it would be the loan company making money... and not all the other creditors that are not getting what they are after at the moment.

Does anyone know of any companies that do not scam you for upfront fees that dont lead to a loan. and companies that accept very bad credit (i think the last time I did my score was 420 )

I can't get a garantor either (I don't have many friends or family)

I'm looking for £5000 for 5 years or at least £3000 for 3 years
and I accept that intrest will be high but I will pay it, if it means I am not spiralling out of controll with current debt not being payed.

Thank you all for taking the time to read this and I look forward to hearing any suggestions. I hope someone can help as its starting to get me down!

Cheers, Charlie

Enfieldian

At the age of 20 you have already made a mess, you are on a managed repayment scheme and you think that there are lenders that would be willing to let you have more credit?

Pop back in about 6 years time.

Headdesk..........

Wutang_2

Come on mister, was it worth asking?

cjay89

like i said - its starting to get me down - there's no harm in asking -so its worth asking to me.

I am willing to try anything - im trying to flog all my belongings (dont have many assets), trying to find cheaper accomodation, phoning all the companies up begging and pleading to accept lower payments etc...

Even if no loans companies will lend me money - can you guys suggest anything??

I am greatful for you reading this and any help is greatly appreciated

Fiddlestick

cjay89 wrote: »

The best way around this is if I could get a loan - it would settle all my debts and make the monthly repayment a manageable amount.

Not gonna happen, sorry.

You *say* you would settle all your debts, but you have a track record of not being able to handle credit sensibly. Why on earth would a lender be willing to give you even more credit?

cjay89

I do have a track record that is bad - very bad - and its got me into the hole that Im in... which has made me honestly realise not to ever do what ive done again.... The loan to me is my ladder to get out of the hole - unless anyone can throw me a rope (so to speak)

I really do understand that it looks terrible - but I would be able to manage the repayments of a loan exceedingly now I've learnt what I've learnt!

It would really sort my life out

tasha-debt

Ok your only young and we all make mistakes (hence why a lot of people are in debt now). What you ned to do is take control of your life and finances. A loan is not the way to do this for many reason's, the big one being even if a company gave you the loan the interest would be extreme.

I dont know what you do for a living but I would strongly suggest a second job, if say for one year you worked your butt off you could clear most if not all of your debt (im guessing from the above your debt is arounf £5k). Then you could work of repairing your credit score. You could look for a job in a pob or bar, you would then also have the added bonus of not going out at the weekend and saving even more money.

Alos you could pop over to the Debt free wannabe and post your SOA (Statement of affairs).

Good Luck.

immoral_angeluk

How much are your debts?
Whats your income?
Do you have any assets?

Personally if token payments arent working you would be better off at looking at other options to deal with your debt, rather than heading straight for financial meltdown by getting a high interest, subprime, noose around your neck consolidation loan.

RuthnJasper

CJay,

The best advice is to get yourself to the Citizens' Advice Bureau pronto. They're very helpful and kind. I was in an EXACTLY similar place to you when I was in my twenties. Thought "If only I can get a loan it'll all be OK", "I just need to cover these payments for a year or two", etc. But it doesn't work out, believe me.

If you're already in debt doo-doo, the way to sort it out is NOT through MORE debt. There's a good reason why reputable lenders will no longer loan you money. Trust me.

I got an IVA in the end. MUCH peace of mind and I'll be clear in two years. This might not be the way for you, but PLEASE go and get the free advice on offer before you end up in the same hell-hole as me.

Good luck sweetie. You've made the first important step, which is to recognise that you have a problem. But ANOTHER loan is NOT the answer to that problem.

Let us know how you get on, OK? Be strong, be wise, and you'll be alright in the end.

bouncydog1

cjay89 wrote: »

I do have a track record that is bad - very bad - and its got me into the hole that Im in... which has made me honestly realise not to ever do what ive done again.... The loan to me is my ladder to get out of the hole - unless anyone can throw me a rope (so to speak)

I really do understand that it looks terrible - but I would be able to manage the repayments of a loan exceedingly now I've learnt what I've learnt!

It would really sort my life out

No another loan would not sort your life out - you will just get into a bigger mess because you cannot manage your money. Accept this as a wakeup call and be thankful that it has come now whilst you are young enough to sort it out. Lesson learned the hard way but this will stop you being in debt for the rest of your life.

Get yourself over to the debt free board, post up a statement of affairs listing all of your income and outgoings. Start thinking about what else you can do to earn extra money and accept that your credit history is shot to threads and you will not be able to get extra credit for at least the next 6 years.

Unfortunately for you, your living beyond your means has caught up with you.

Hard talking I'm afraid, but this is sometimes needed as you clearly do not fully appreciate the mess that you are in and think you can resolve it by taking on more debt - never ending spiral.

There are no debt issues that cannot be sorted but you need to get your mind set on dealing with them and rethinking how you manage your money rather than getting into more debt.

If you can get your head around this and be prepared to make the effort then people will help you to deal with this and you will come out of it a much stronger person.

Good luck.

JasX

cjay89 wrote: »

I have spoken to CCCS and they have set in place a budget, yet my creditors are not accepting my token payments and in total are wanting more sent than I am recieving income.

cjay89 wrote: »

Even if no loans companies will lend me money - can you guys suggest anything??

Stick with CCCs and their budget, follow CCCSs advice and do send the suggested token payments to the company (mail them cheques if needs be), whether they 'accept/agree' the amount or not.

What options do they really have, they can take you to court and get a CCJ which will not be for more than you can afford and likely along the lines of what CCCS were suggesting, this would cost them money but they might do so, you have no real assets for them to seize and your credit record is already trashed.

so long as you are making reasonable efforts to pay the debt off there is not much they can do and they/the court can't take from you what you don't have.